MDKA Stock: Merdeka Copper Gold Profile, Business, Performance and Risks

MDKA is the ticker for PT Merdeka Copper Gold Tbk, a Jakarta-headquartered mining company with a portfolio spanning gold, copper, and silver. The company runs the Tujuh Bukit gold mine in Banyuwangi, the Wetar copper mine in Maluku Barat Daya, and the Pani gold mine in Gorontalo through several subsidiaries. As of the end of 2021, the group's reserves were estimated at 34.8 million oz of gold, 8.5 million tonnes of copper, and 76 million oz of silver, according to Wikipedia data.

MDKA stock summary

As of October 25, 2026.

Merdeka Copper Gold's business

MDKA's core business is gold and copper mining through multiple subsidiaries. The Tujuh Bukit gold mine in Pesanggaran, Banyuwangi, is operated by PT Bumi Suksesindo and has been producing since 2017. The Wetar copper mine in Maluku Barat Daya is held through Eastern Field Developments Ltd and PT Batutua Tembaga Raya, while the Pani gold mine in Pohuwato, Gorontalo, is now the focus of expansion through PT Pani Bersama Jaya.

Beyond gold and copper, the group also has nickel exposure through the Sulawesi Cahaya Mineral (SCM) project, which sells limonite and saprolite ore, plus a battery materials unit through PT Merdeka Battery Materials. As of the end of 2021, subsidiaries listed on Wikipedia include PT Bumi Suksesindo, PT Merdeka Mining Servis, Eastern Field Developments Ltd, PT Batutua Tembaga Raya, PT Pani Bersama Jaya, PT Batutua Abadi Jaya, Merdeka Copper Gold International Pte Ltd in Singapore, PT Merdeka Energi Nusantara, and PT Merdeka Battery Materials.

MDKA also acts as the controlling shareholder of another listed company, PT Merdeka Gold Resources Tbk (EMAS), holding 64.013% of voting rights as of August 2026 according to a beritasatu.com report.

Brief history and IPO

The company was founded on September 5, 2012 as PT Merdeka Serasi Jaya. In the same year, its subsidiary PT Bumi Suksesindo secured a mining business license in the Tujuh Bukit area of Banyuwangi. The company changed its name to PT Merdeka Copper Gold in 2014 and listed on the Indonesia Stock Exchange in 2015.

Construction and ore extraction at Tujuh Bukit began in 2016 and was completed in 2017, allowing Bumi Suksesindo to start selling gold. Through 2018-2019, the company expanded Tujuh Bukit's processing capacity from 4 million to 8 million tonnes of ore per year through its Oxide Expansion Project, while acquiring 67.9% of the Wetar copper mine and 66.7% of the Pani gold mine.

Expansion continued in 2020-2021 with a memorandum of understanding with Eternal Tsingshan Group for the AIM project in Wetar and Morowali, the establishment of a Singapore subsidiary in October 2021, and an $80.16 million investment on December 30, 2021 for a 50.1% stake in PT Andalan Bersama Investama, which had previously acquired PT Gorontalo Sejahtera Mining from PT J Resources Nusantara.

Shareholders and management

The sources we reviewed do not detail MDKA's current major shareholder structure or its board of directors and commissioners. What is documented is MDKA's position as controlling shareholder of another listed company, PT Merdeka Gold Resources Tbk (EMAS). Based on a share ownership change report filed on August 13, 2026, MDKA bought 100,559,200 EMAS shares between July 28 and August 12, 2026 through a series of transactions, raising its holding from 9,329,376,465 shares to 9,429,935,665 shares, or voting rights from 63.330% to 64.013%. The company stated the purchases were made for investment purposes and reflect its long-term interest in EMAS, according to the beritasatu.com report. For complete and current data on MDKA's shareholders and management, readers should check official disclosures at idx.co.id.

Recent financial performance

According to KB Valbury Sekuritas research cited by investor.id on October 5, 2026, MDKA's second-quarter 2026 revenue reached $782 million, up 26.1% quarter-on-quarter and surging 121.9% year-on-year. Net income for the quarter actually fell 23.2% qoq to $44 million, which the research attributed to higher other expenses.

Revenue growth was driven by a 59.6% yoy jump in Tujuh Bukit's average gold selling price, along with a 66% yoy increase in limonite ore sales volume and a 48% yoy increase in saprolite sales from the Sulawesi Cahaya Mineral project. KB Valbury analyst Ashalia Fitri Yuliana raised her 2026 Pani gold production estimate to 52,000 oz and her copper price assumption to $13,300 per tonne, lifting MDKA's full-year revenue projection to $3.15 billion.

The sources we checked do not include full-year 2025 or first-half 2026 net income and revenue figures separately. Readers wanting the complete trend and audited financial statements should check official documents at idx.co.id.

Dividends

None of the sources we reviewed mention MDKA's dividend policy or payment history. To find out whether and when MDKA has paid dividends, check annual reports and corporate announcements at idx.co.id.

MDKA stock price movement

As of October 25, 2026, MDKA traded at Rp2,190 per share, sitting relatively close to the lower end of its 52-week range of Rp2,050 to Rp3,960. That puts the current price only about Rp140 above the 52-week low, while the distance to the 52-week high remains quite wide.

On short-term momentum, the stock has fallen 28.4% over the past month and 17.4% over the past three months. On a one-year basis, however, the decline is much smaller at 1.8%, suggesting most of the correction happened recently. Average daily trading volume over the past three months stood at 40.18 million shares, indicating the stock remains fairly actively traded on the regular market.

Recent news and catalysts

Several developments worth monitoring:

• October 5, 2026 (investor.id): KB Valbury Sekuritas raised its Pani gold production estimate for 2026 to 52,000 oz and its copper price assumption to $13,300 per tonne. Analyst Ashalia Fitri Yuliana wrote that MDKA's main catalysts come from the gradual ramp up of the Pani gold mine, resilient metal prices and mining margins, and progress on Pani's carbon in leach (CIL) facility.
• October 8, 2026 (liputan6.com): MDKA appeared on a watchlist compiled by BNI Sekuritas Head of Retail Research Fanny Suherman alongside AMMN, PTRO, JPFA, SGER, and UVCR, as the Jakarta Composite Index was expected to move sideways between support at 6,100-6,120 and resistance at 6,200-6,250.
• August 16, 2026 (beritasatu.com): MDKA increased its stake in PT Merdeka Gold Resources Tbk (EMAS) by buying 100,559,200 shares between late July and mid-August 2026, raising its voting rights to 64.013%.
• October 20, 2026 (liputan6.com): MDKA plans to use proceeds from a planned bond or debt securities issuance to repay company debt, according to a brief report in liputan6.com's Saham MDKA tag page.

Carbon in leach, or CIL, is a gold processing method that combines cyanide leaching with gold adsorption using activated carbon in a single process train, as explained in the KB Valbury research cited by investor.id.

What it means for investors

A few concrete things worth tracking here, not a buy or sell signal:

• The current price of Rp2,190 sits near the lower end of the 52-week range of Rp2,050 to Rp3,960, so a move toward or below Rp2,050, or a recovery back above the Rp2,500 area, could mark the next directional shift.
• Third and fourth quarter 2026 financial reports, available directly at idx.co.id, will show whether the Pani ramp up is tracking toward the 52,000 oz estimate used by KB Valbury Sekuritas.
• The actual execution of the bond issuance reported by liputan6.com on October 20, 2026 is worth following, including how much is raised and how much actually goes toward debt repayment.
• Global gold and copper prices remain a key variable, given that Tujuh Bukit's average gold selling price already jumped 59.6% yoy and KB Valbury's copper assumption sits at $13,300 per tonne.
• MDKA's ownership stake in EMAS, which climbed to 64.013% of voting rights as of August 2026, is a useful gauge of how aggressively the group keeps consolidating its portfolio through further acquisitions.
• Average daily volume of 40.18 million shares over the past three months suggests the stock remains fairly liquid, relevant for anyone weighing how easily a position can be entered or exited.

Peers on the Indonesia Stock Exchange

• ANTM (Aneka Tambang): A state-owned miner with gold and nickel operations, differing from the fully private MDKA, which focuses more narrowly on gold and copper across a few specific mines.
• AMMN (Amman Mineral Internasional): Operates the large-scale Batu Hijau copper-gold mine in Sumbawa, a single flagship-mine model compared to MDKA's multi-mine portfolio.
• PSAB (J Resources Asia Pasifik): A gold mining company that previously transacted with the Merdeka group over consolidation of the Pani mine through its subsidiary PT J Resources Nusantara.

Risks

• Commodity price risk: MDKA's revenue is highly dependent on global gold and copper prices, which can shift quickly due to factors outside the company's control.
• Project execution risk: many of the catalysts highlighted by analysts hinge on successfully ramping up Pani mine production and completing its CIL facility, which may not proceed on schedule.
• Debt and financing risk: the planned bond issuance to repay debt, as reported by liputan6.com on October 20, 2026, signals continued reliance on external financing.
• Stock volatility risk: a 28.4% decline over one month and 17.4% over three months shows this stock can move sharply over short periods.
• Operational concentration risk: much of the company's value rests on a handful of core mines (Tujuh Bukit, Wetar, Pani), so a disruption at any one site could materially affect group performance.
• Mining regulation and permitting risk: like other Indonesian mining issuers, MDKA is subject to mining business licensing rules, royalties, and government policies that can change.

How to buy MDKA stock

One lot of MDKA shares consists of 100 shares, and based on the October 25, 2026 price of Rp2,190 per share, one lot costs roughly Rp219,000. To buy this stock, investors need to open a brokerage account with a securities firm licensed by Indonesia's Financial Services Authority (OJK) and registered as an exchange member of the IDX, then fund the account and place trades through that broker's trading platform or app.

This article is for informational and educational purposes only, not a recommendation to buy or sell MDKA shares.